7月A股震荡走强，结构性机会不断涌现，私募机构调研热情高涨，为后市布局积极"探路"。 第三方机构最新监测数据显示，7月共有657家私募证券管理人参与A股上市公司调研，覆盖358只个 股，合计调研1763次。从行业到个股，科技成长领域成为调研焦点。 德福科技成"人气王" 7月私募调研呈现明显的头部集中效应。第三方机构私募排排网监测数据显示，7月52只个股获得不少于 10次调研，其中前十名个股（含并列排名，下同）均被调研至少24次。 电力设备龙头德福科技以74次调研领先，远超其他个股，该股在7月吸引了聚鸣投资、睿郡资产等众多 百亿私募扎堆关注。另一只电力设备股孚能科技以42次调研位居第二。通信行业的新易盛（34次）、汽 车行业的涛涛车业（32次）以及医药生物行业的海正药业（27次）进入前五。此外，农林牧渔、电子、 环保、机械设备等行业均有个股跻身前十。 从股价表现来看，7月私募调研十大热门股中，出现多只"月度牛股"。德福科技7月股价累计大涨 73.57%，新易盛、涛涛车业、仕佳光子7月股价均涨逾40%，大禹节水、海正药业7月涨幅均超20%。 行业层面，14个申万一级行业获得不少于30次调研。前十名行业均被调研至少 ...

7月A股震荡走强，结构性机会不断涌现，私募机构调研热情高涨，为后市布局积极"探路"。 第三方机构最新监测数据显示，7月共有657家私募证券管理人参与A股上市公司调研，覆盖358只个 股，合计调研1763次。从行业到个股，科技成长领域成为调研焦点。 7月私募调研呈现明显的头部集中效应。第三方机构私募排排网监测数据显示，7月52只个股获得不少于 10次调研，其中前十名个股（含并列排名，下同）均被调研至少24次。 电力设备龙头德福科技以74次调研领先，远超其他个股，该股在7月吸引了聚鸣投资、睿郡资产等众多 百亿私募扎堆关注。另一只电力设备股孚能科技以42次调研位居第二。通信行业的新易盛（34次）、汽 车行业的涛涛车业（32次）以及医药生物行业的海正药业（27次）进入前五。此外，农林牧渔、电子、 环保、机械设备等行业均有个股跻身前十。 | | 7月私募调研次数排名前十个股(含并列排名) | | | --- | --- | --- | | A 股简称 | 申万一级行业 | 被调研次数(次) | | 德福科技 | 电力设备 | 74 | | 孚能科技 | 电力设备 | 42 | | 新易盛 | 通信 | 34 | | 涛 ...

Market Overview - The A-share market experienced a slight decline with the Shanghai Composite Index down 0.19% to 3566.55 points, the Shenzhen Component Index down 0.15% to 10992.87 points, and the ChiNext Index down 0.16% to 2324.50 points [3][4]. Sector Performance - The traditional Chinese medicine sector led the gains, while photovoltaic equipment, animal vaccines, and logistics sectors also showed strong performance. Conversely, the shipbuilding sector, film and television industry, and gaming sector faced declines [7]. Institutional Insights - Liu Kuijun from Shenzhen Dexun Securities noted that the A-share index has shown a strong three-month upward trend, but profit-taking and technical resistance at 3600 points may lead to volatility in August. Investors are advised to look for rotation opportunities in hot sectors [8]. - Qiu Yu from Guojin Securities indicated that the current market adjustment does not signify the end of the rally, as the weekly trend remains upward despite recent daily declines. High trading volumes provide more room for market corrections, and some sectors may emerge as new leaders [8]. - According to CITIC Securities, the domestic liquidity environment is relatively loose, supporting economic stability. The report highlights a continued focus on high-growth sectors such as overseas computing power chains, innovative pharmaceuticals, wind energy, and military industries [9].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights the launch of Huawei's Ascend 384 super node, which represents a shift in the domestic AI industry from a chip-centric approach to a system-coordinated optimization strategy. This development showcases the robust growth momentum of the domestic computing power industry chain [3][6]. - The Ascend 384 super node, consisting of 12 computing cabinets and 4 bus cabinets, integrates 384 Ascend 910C NPUs and 192 Kunpeng CPUs, achieving a theoretical performance close to twice that of NVIDIA's GB200 NVL72. It provides 300 PFLOPS of BF16 computing power, addressing the bottlenecks in large model training through high-speed interconnect technology [3][6]. - The report emphasizes the strong order fulfillment capability of the Ascend platform, which has been widely applied in high-computing scenarios across various sectors, including finance, power, transportation, and government [3][6]. Summary by Sections Industry Development Trends - The report notes that the domestic AI computing power industry is expanding, driven by the increasing demand for controllable AI infrastructure amid high-end chip shortages and export restrictions. The success of the Ascend 384 super node demonstrates the feasibility of achieving a closed-loop in the domestic computing power industry chain [3][6]. Investment Recommendations - The report suggests prioritizing investments in the domestic AI computing power network infrastructure, focusing on telecom operators such as China Mobile, China Telecom, and China Unicom, as well as server and switch equipment manufacturers like ZTE, Unisoc, Inspur, and Ruijie Networks [3][6]. Market Dynamics - The report indicates that significant investments from major players like Alibaba, which plans to invest over 380 billion yuan in cloud computing and AI hardware infrastructure over the next three years, will open up larger market opportunities for domestic computing power solutions [3][6].

Key Insights - The July Politburo meeting emphasized the need to consolidate the economic recovery while addressing prominent issues such as boosting consumption and breaking the cycle of internal competition, which is crucial for promoting domestic and international dual circulation [2][3] - The meeting highlighted the importance of accelerating the cultivation of emerging pillar industries and advancing high-quality urban renewal, avoiding the old path of debt-driven growth [2][3] - The upcoming 14th Central Committee meeting in October will focus on drafting the 15th Five-Year Plan, which is seen as pivotal for achieving the long-term goal of socialist modernization [2][11] Macroeconomic Analysis - The meeting acknowledged the strong performance of the economy in the first half of the year, with GDP growth reaching 5.3%, and emphasized the need for a bottom-line thinking approach to safeguard employment and livelihoods [3][4] - The macroeconomic policy is set to maintain continuity and stability while enhancing flexibility and foresight, indicating that supportive policies will continue to be implemented [13][20] - The focus on fiscal policy will be on timely and effective implementation, with an emphasis on increasing the efficiency of fund usage and accelerating the issuance of government bonds [4][19] Real Estate Sector - The importance of urban renewal was reiterated, with a focus on high-quality implementation in line with the Central Urban Work Conference's spirit [26][28] - The transition of urbanization from rapid growth to stable development is expected to enhance the role of urban renewal as a key driver for improving living conditions and urban quality [27][28] - The potential for city renovation projects, particularly in urban villages and dilapidated housing, is anticipated to stimulate housing demand and improve the overall real estate market [27][28] Investment Strategy - The A-share market is expected to experience a gradual rise amid increasing volatility, driven by favorable policies, moderate economic recovery, and the upcoming mid-year performance reports [31][32] - Investment recommendations include focusing on sectors such as technology, consumption, and cyclical stocks, particularly those with strong value propositions [31][32] - The emphasis on new quality productivity and the potential for structural reforms in the economy are seen as key areas for investment opportunities [31][32]

Group 1: Stock Recommendations - The report recommends 10 stocks and 3 ETFs based on a top-down approach for August allocation [1] - Lu'an Huanneng is highlighted for its high spot coal ratio, significant earnings elasticity, and low PB valuation [1][8] - Huayou Cobalt benefits from integrated layout advantages, stable incremental profit from wet nickel production, and a significant decrease in cobalt imports in June [1][8] - Geely Automobile's privatization of Zeekr will enhance resource integration and decision-making efficiency, with an adjusted annual sales target of 3 million vehicles [2][8] - Cambrian is positioned to benefit from the increasing demand for AI chips and has plans for hardware and software platform development [2][8] - SMIC is advancing in domestic computing capabilities with improved yield rates and is expected to benefit from the semiconductor cycle [2][8] - North Navigation is a leader in the long-range fire industry, experiencing rapid demand recovery and implementing stock incentives [3][8] - Shengquan Group is a leading supplier in high-frequency resin, expected to see rapid growth due to PCB industry demand [3][8] - CITIC Securities is well-positioned in the financial sector with a solid market position and ample IPO reserves [3][8] - Jiao You International focuses on cross-border mineral logistics, particularly in Africa, ensuring efficient and secure transportation [3][8] - China Jinmao has made significant impairment provisions and is on track to meet its sales target [4][8] Group 2: ETF Recommendations - Recommended ETFs include Military Industry ETF, TMT ETF, and Chemical ETF, reflecting sectoral strengths [4][10] - The Military Industry ETF has a total net value of 171.45 billion yuan with a year-to-date growth rate of 14.33% [10] - The TMT ETF shows a year-to-date growth rate of 12.27% and a total net value of 5.02 billion yuan [10] - The Chemical ETF has a total net value of 33.81 billion yuan with a growth rate of 9.22% [10] Group 3: Financial Data Highlights - Lu'an Huanneng's EPS is projected to be 0.65 yuan in 2025, with a PE ratio of 23 [9] - Huayou Cobalt's EPS is expected to rise to 3.11 yuan in 2025, with a PE ratio of 15 [9] - Geely Automobile's EPS is forecasted at 1.61 yuan in 2025, maintaining a PE ratio of 11 [9] - Cambrian is projected to have an EPS of 3.04 yuan in 2025, with a high PE ratio of 234 [9] - SMIC's EPS is expected to reach 0.64 yuan in 2025, with a PE ratio of 144 [9] - North Navigation's EPS is projected at 0.17 yuan in 2025, with a PE ratio of 104 [9] - Shengquan Group's EPS is expected to be 1.53 yuan in 2025, with a PE ratio of 21 [9] - CITIC Securities is projected to have an EPS of 1.56 yuan in 2025, with a PE ratio of 19 [9] - Jiao You International's EPS is expected to be 1.49 yuan in 2025, with a PE ratio of 8 [9] - China Jinmao's EPS is projected at 0.12 yuan in 2025, with a PE ratio of 11 [9]

Group 1: Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) highlighted the importance of domestic computing power breakthroughs and parallel optimization technologies for the AI industry's high-quality development [1][2] - Experts emphasized the need for collaboration between hardware and software to enhance the efficiency of domestic computing power, with a focus on developing a universal algorithm library and toolchain [2][6] - The integration of AI with industry knowledge is driving transformative applications in sectors like pharmaceuticals and energy, showcasing significant improvements in research and development efficiency [3][4] Group 2: Domestic Computing Power - Domestic supercomputing platforms such as Sunway, Dawning, and Tianhe are capable of supporting large model development, but face challenges related to storage, scalability, and energy efficiency [2] - The need for heterogeneous capabilities in domestic computing power was highlighted, particularly in supporting multi-precision calculations and accelerating the development of operator libraries [2][3] Group 3: Industry Applications - AI is being applied across various verticals, with notable examples in biomedicine where AI enhances the value of vast biomedical data, significantly shortening R&D cycles and reducing costs [3] - In the energy sector, innovations like the iron-chromium flow battery model have integrated 15 years of material data to optimize electrolyte formulations and improve operational efficiency [3] Group 4: Parallel Optimization - Parallel optimization technology is seen as a core engine for the era of super-intelligence, with potential performance improvements of up to 20 times through effective optimization techniques [6] - The concept of "AI for Parallel Programming" is being explored to lower the development barriers for scientific computing [6] Group 5: Ecosystem Development - The call for collaboration among industry partners to build an open and win-win AI ecosystem was emphasized, with a consensus that domestic computing power and industry models are driving China’s AI industry from a follower to a leader position [4][6] - The dialogue showcased the confidence and ambition of Chinese tech companies in the global AI competition, with ongoing evolution in computing power, algorithms, and data expected to accelerate the integration of AI across various industries [4][6]

Core Insights - The 2025 World Artificial Intelligence Conference showcased significant advancements in domestic computing power, highlighting the importance of these innovations for accelerating AI applications [1][2] - Industry experts believe that 2023 is a pivotal year for the comprehensive promotion of domestic computing power software and hardware, transitioning from isolated breakthroughs to widespread application [1] Group 1: Domestic Computing Innovations - The Ascend 384 super node, consisting of 16 cabinets, was recognized as a "treasure of the museum" and represents Huawei's major achievement in computing infrastructure, featuring the industry's largest 384-card high-speed bus interconnection [1] - Over 80 large models have been developed based on the Ascend architecture, including applications in various sectors such as finance, healthcare, and transportation [1] Group 2: GPU Developments - Domestic GPU companies showcased impressive products, including the debut of the Xiyun C600 GPU by Muxi, which integrates large-capacity storage and mixed-precision computing, targeting key sectors like finance and government [2] - Moore Threads presented application cases in life sciences and physical simulation, demonstrating the broad application prospects of domestic GPUs in AI infrastructure [2] Group 3: Processor Advancements - The new generation of the Haiguang C86 terminal was launched, covering diverse needs across various industries, marking a breakthrough for domestic computing terminals [3] - The Longxin 3C6000 processor was released, designed to meet multiple computing demands without relying on foreign technologies, emphasizing China's self-reliance in processor development [3] Group 4: Ecosystem Development - The Ministry of Industry and Information Technology highlighted the rapid enhancement of domestic capabilities, with a focus on products based on the self-developed Dragon architecture [4] - The Haiguang ecosystem has over 5,000 partners collaborating on technology development and market expansion, forming a complete closed loop from chips to application services [4]

Core Insights - The 2025 World Artificial Intelligence Conference showcased the importance of computing power as the foundation of artificial intelligence, with various domestic chip and server suppliers participating to highlight the localization of computing power [1][2] - Major hardware manufacturers like Huawei and Sugon presented their latest computing solutions, including Huawei's "Ascend 384 Super Node," which is the largest in the industry, and Sugon's "Large-Scale Intelligent Computing Cluster" aimed at addressing key industry bottlenecks [1][2] - The event featured over 20 AI chip companies, with significant advancements in integrated training and inference machines, as well as cloud solutions that enhance the accessibility and efficiency of AI applications [2] Group 1 - Computing power is recognized as the cornerstone of AI, with a focus on domestic chip and server suppliers at the conference [1] - Huawei unveiled the "Ascend 384 Super Node," which consists of 12 computing cabinets and 4 bus cabinets, representing the largest scale in the industry [1] - Sugon introduced its "Large-Scale Intelligent Computing Cluster," which aims to tackle high computing costs, insufficient data efficiency, and challenges in practical application [1] Group 2 - The exhibition featured a strong presence of AI chip companies, including Moore Threads and others, showcasing their latest innovations [2] - The "Integrated Training and Inference Machine" was a highlight, with significant improvements in computing and data transmission efficiency [2] - Baidu demonstrated its self-developed 30,000-card cluster and the "百舸 AI Heterogeneous Computing Platform," promoting the widespread adoption of domestic computing power [2]

Core Insights - The company, Bianxing Technology, announced its operational cooperation models for computing power resources, including external procurement and co-construction models [1] - The company has integrated various types of domestic chip computing power resources into its service platform, providing related technical services [1] - The utilization rate of the company's own GPU computing power resources is reported to be between 85% and 90% [1] - A strategic partnership with Alibaba Cloud was revealed, which includes co-building a domestic computing power center, jointly operating a public cloud zone, and promoting industry large models [1]